Tom Gores and his investment firm, Platinum Equity, have announced a "definitive agreement" to purchase the Detroit Pistons and Palace Sports and Entertainment.

The purchase, from Pistons owner Karen Davidson, includes the NBA team, The Palace of Auburn Hills, DTE Energy Music Theatre and the operating rights to Meadow Brook Music Festival.

Terms of the agreement were not announced. The sale is subject to review and approval by the NBA's Board of Governors. It is anticipated that Comerica Bank will finance the sale, which is expected to be complete by June 30, pending league approval.

"We are pleased to welcome Tom Gores as the new owner of the Detroit Pistons and Palace Sports and Entertainment," Davidson said in a release obtained by The Detroit News. "Just as my late husband, Bill Davidson, was the face of the Pistons, I am confident that Tom will bring the same energy, dedication and love to this organization. I look forward to seeing Tom follow in Bill's footsteps, and carry on his legacy."

Gores, a Flint native who went to Michigan State, is chairman and CEO of Platinum Equity.

"I am very proud to have this opportunity to be part of such a tremendous organization," Gores said in a statement. "I know it's been a long process and I appreciate the patience and support of the Detroit community. I have been impressed with the Davidson family and the way it has protected and built such a storied franchise. I grew up here, I am glad to be back, and I am very excited about all the possibilities looking forward."

Davidson added: "From the Pistons players, coaches and front office, who helped bring home three world championships, to the management and staff at The Palace, DTE and Meadow Brook, who earned us international recognition, we look forward to facilitating a smooth transition under Tom and achieving even greater success in the future."

Awesome news! A 40 something year old Billionaire that's willing to spend money. Couldn't get much better.

Gators123

04-08-2011, 02:16 PM

We'll FINALLY be able to make moves now.

Bullsfan22

04-08-2011, 02:32 PM

Will FINALLY be able to make moves now.

hope he ready to pay some luxury taxes if you guys plan on being contenders again in the next few years.

Cubsfan365

04-08-2011, 02:56 PM

Harsh words. I hope Detroit can return to it's glory! Good luck Pistons fans. I think the first step would be moving out Ben Gordon and Charlie V who are poor chemistry guys. Firing Kuester as well as his assistants. Hiring a good coaching staff who will respect the older players like Rip, Prince and Ben Wallace. I think all 3 of those guys still have a lot left in the tank and aren't being used properly. Then you have Greg Monroe and Austin Daye who have good potential and show promise to fill in the gaps. Make sure your scouts are on top of their game so you can add a good piece this upcoming draft.

Detroit is one of the best basketball cities in the world and deserves respect.
Not saying say don't have some good young talent, because they do. But I think they also have some awful contracts to play their way through.

Congrats!
I'm a Nets fan, so I know a thing or two about billionaire's buying NBA teams
Seems like a smart guy, you'll see over time the team will improve inside and out, and soon we'll hopefully see the Pistons atop the league once again. Good luck!

TheDetroitBlue

04-08-2011, 03:39 PM

I really hope he makes the Pistons relevant again.

I know there was that thread a while back about its good the NBA when the Knicks are good, that may be true, but its just as good for the NBA when Detroit is good.

The Pistons and there franchise had some 7 year home sellout streak when they were going to ECF and Finals on a yearly basis.

Its also good to have a relevant team in a city thats known for its blue collar attitude.

B'sCeltsPatsSox

04-08-2011, 03:53 PM

Do Pistons fans like this?

Gators123

04-08-2011, 04:00 PM

Do Pistons fans like this?

LOVE it. Hes from Michigan and went to school at Michigan State. Hes a self made Billionaire, that has a great track record of adding value to all of the companies he purchases.

fadedmario

04-08-2011, 06:04 PM

Why so many deleted posts? Oh yeah - typical Chicago fans...

abe_froman

04-08-2011, 06:10 PM

is this good/bad/the guy det fans wanted?

Sync

04-08-2011, 06:15 PM

Good.

Phenomenonsense

04-08-2011, 06:16 PM

is this good/bad/the guy det fans wanted?

Depends. We're split. I wanted him, so that's good. Some wanted Ilitch to move the team to Detroit instead of Auburn hills.

Gators123

04-08-2011, 06:20 PM

Depends. We're split. I wanted him, so that's good. Some wanted Ilitch to move the team to Detroit instead of Auburn hills.

Yeah I would have been happy with Ilitch but I like Gores a lot better. Hes way younger, has more money, and the Pistons wouldn't be his 3rd priority like they would with Ilitch since he owns the Wings and Tigers.

fadedmario

04-08-2011, 06:32 PM

At least we can actually make some moves this off-season now. Bye Bye Richard Hamilton